Bitcoin and the crypto markets are still acting quite volatile this week, all while within the same consistent price range. Not much has changed since last week’s article other than Bitcoin’s current price. If you are interested in reading last week’s Bitcoin article, you can find that here: https://ncgcoin.io/weekly-bitcoin-breakdown-ideas-and-concepts-oct5/. Bitcoin seems to be gearing up to be making a big move soon based on technical analysis indicators, so let’s dive right in!
The current Bitcoin price at this articles writing is $19,050. This is about $1000 less than last week’s article. Bitcoin is still holding that consistent range and price movement. Bitcoin has not visited above $21,000 in a few weeks, but it still seems to stay somewhat religiously above the $18,500 price. That does not mean we cannot go below that price as it has acted as excellent support for Bitcoin, but every time the price has gotten near that, Bitcoin gets purchased very quickly. As more time passes and Bitcoin keeps being purchased at those price levels, I start to believe Bitcoin has seen its bottom. This is not financial advice, and any trading is at your discretion, but I like what I see in the crypto charts. Volume for trading is starting to go up, and many positive technical indicators are showing positive life in Bitcoin soon. So let’s check out some technical analysis for Bitcoin now!
Look at this chart displayed below:
Here we can see a logarithmic Bitcoin trading chart paired with an indicator known as the Relative Strength Index (RSI). If you are unsure what the RSI indicator is and would like to understand it better, read this article on the New Century Gold site here: https://ncgcoin.io/lets-learn-crypto-technical-analysis-relative-strength-index-rsi/. The chart shows Bitcoin’s price since its inception (or very close) and how it has followed the logarithmic lines since that time. Based on the current price and monthly RSI indicator, we can see Bitcoin might be preparing for a big move to the upside. As Stockmoney Lizard (known technical analyst on Twitter) points out within this chart, the pink dots coincide with the RSI levels being oversold to the bottom of Bitcoin. Every time the monthly RSI levels have gotten this low, the bottom of Bitcoin is near. This brings me excitement for the short- and long-term outlook for Bitcoin and crypto. Again, none of this is financial advice, and any trading is made at your discretion. If reading charts (as shown above) and trying to trade crypto seems complicated for you, then I have an option you could investigate for making passive income in crypto!
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Lastly, don’t forget to give me a follow-on Twitter (@MattSenn5) for daily fundamental and technical analysis concepts, all generally crypto-related. I have been in the crypto scene for almost eight-plus years, and I will likely be for the rest of my life! But I am here to stay, so let’s chat and create your new digital financial future!
Written by: Matt Senn